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Target of FBI raids being sued for alleged selling unregistered securities

BRADENTON BEACH — A local businessman whose home and office were searched by the FBI on Wednesday is currently in a federal courtroom in Phoenix defending himself against a government civil suit accusing him of selling unregistered securities, according to court records.

The Securities and Exchange Commission contends Doyle Scott Elliott and others bought and sold unregistered securities in a Phoenix-based company called iBIZ Technology Corp., according to court records.

It was not not known whether the case is connected to the FBI’s search Wednesday of Elliott’s home in the Key Royale neighborhood in Holmes Beach, and of his office in Bradenton Beach. Local police assisted the FBI in both raids.

Holmes Beach Police assisted in serving the warrants at Elliott’s home, which county records show Elliott purchased for more than $1.3 million in 2006.

FBI agents also searched Elliott’s office, Elliott & Associates, at 2219 Gulf Drive N., in Bradenton Beach, which is listed with Manatee County as an “investment advice” business. Bradenton Beach Police Sgt. Lenard Diaz said officers with the department aided in executing the warrants, including searching the business, but declined further comment.

The investigation and search warrants of Elliott’s property originated out of the FBI office in Newark, N.J., according to Dave Couvertier, spokesman for the FBI’s Tampa office.

Couvertier said Tampa agents also aided in executing the warrants, but he declined to comment furthur on the investigation.